AI Giant's $2 Trillion IPO Faces Fierce Scrutiny

Anthropic, an artificial intelligence firm, is preparing for an initial public offering (IPO) in 2026 with an ambitious valuation target of $2 trillion. This figure has drawn sharp criticism from New Constructs, an independent financial research firm, which has labeled the IPO as the "most ridiculous IPO of 2026." The firm estimates Anthropic's value at only $150 billion, a stark contrast to the company's aspirations.

New Constructs suggests that Anthropic must achieve profits double that of Nvidia, currently the world's most valuable company, to warrant its desired market capitalization. This is particularly concerning given Anthropic reported an operating loss exceeding $8 billion in 2025, with total losses reaching $42 billion according to Reuters. The firm also points to the growing threat from open-source AI models as a significant challenge to Anthropic's business model.

David Trainer, CEO of New Constructs, has a history of being skeptical of IPOs, having previously voiced concerns about WeWork and Allbirds, which experienced significant financial difficulties post-IPO. While acknowledging past predictions aren't always accurate, Trainer believes Anthropic's IPO presents substantial risks and is designed to benefit early investors rather than public shareholders. Anthropic's own warnings about AI's potential catastrophic risks add another layer of concern for potential investors.